Ford (F) Submits Business Plan to Congress
Here is their plan in a nutshell
SUBMITS BUSINESS PLAN TO CONGRESS, CALLS FOR $14B IN INVESTMENTS AND ACCESS TO UP TO $9B IN BRIDGE FINANCING
- Expects to be breakeven and profitable by 2011, does not expect a liquidity crisis in 2009.
- Expects North American unit to be profitable or breakeven by 2011.
- Sees cutting 606 dealers by year’s end, sees total 3,790 dealers by end of 2008.
- Cutting the number of suppliers for major sourcing to seven.
- Canceling all bonuses, merit pay increases for all NA employees.
- Reiterates exploring options for Volvo, including sale of unit.
- sees battery powered van in 2010 and sedan in 2011.
- Holding talks with UAW to further reduce costs.
- Selling five corporate jets.
Will that be enough of a plan to convince Congress to write them a check? I hope not, automakers need to rescue themselves, not us.
